 It doesn't look like food prices will come down any time soon (Picture: Getty Images/iStockphoto) He's warned UK food prices won't return to the low levels we saw before Russia's invasion of Ukraine, Retail Gazette reports. Mr Pill said the rate at which food prices are rising is expected to slow by about 10% by the end of the year, adding the impact of rising prices have been 'a little bit more long-lasting than would have been expected on the back of past behaviour'. Mr Pill blamed the invasion of Ukraine, which increased the cost of raw materials and basic foods such as wheat and sunflower oil. The UK has been hit harder than other countries by rising food prices, and one reason is that firms responded to price uncertainty by locking in expensive cont){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
Most people across the UK will feel relief at news that the cost of living crisis is set to come to an end.
But the chief economist of the Bank of England has warned that a return to cheaper food prices is ‘something we may not be seeing for a while yet, if in the future at all’.
Capital Economics reckon figures will show inflation fell from 7.9% to 6.5% between June and July, once they’re released next week.
Meanwhile, they’ve forecasted average earnings for the three months to June will increase from 6.9% to 7.4%, Sky News reports.